APN News and Media Limited
(ASX:APN) is seeking regulatory approval from the New Zealand Commerce Commission to sell its New Zealand Magazines business to Bauer Media Group.
APN says the sale is part of the group's strategy to focus on growth assets, particularly digital.
If successful, all APN wholly owned magazine brands, including the New Zealand Woman’s Weekly, The Listener and Simply You will pass to Bauer.
APN will continue to publish New Idea, That’s Life and Girlfriend magazines under licence from the Pacific Magazines Group Australia.
No financial details of the sale were disclosed.
APN generated a net profit of $24.6 million in the first half of fiscal 2013.
